A lyric was originally a short emotional poem set to music in ancient Greece. The music was supplied in many cases by a lyre, hence lyric. So I don't see the problem.
If music doth have charms to sooth the savage beast, It might also upon occasion elevate poor mortal man, Or debase him as expressions of the worst among us, For there ain't no mountain high enough, Ain't no valley low enough, Ain't no river wide enough, To keep me from getting to you!
Dunno, I do consider Dylan to be formative, but not on the par with the great literary giants. Lots more work involved, I suppose. I don't think those who write song lyrics are as persistent, scheduled, and long-suffering as it would take to be a great writer. Great lyrics, yes, but not GREAT as in the great literary works, that transport you to another place for entire stretches of time, diverting or supplementing one's life to a great extent, making it more real in some ways. But I almost have to "walk back" my thoughts on this to actually INCLUDE Dylan, as his works DO transport. They just don't do it to the extent of a great novel. But lyrics are more condensed, time encapsulated. Like medicine for the soul.
http://edition.cnn.com/2016/10/18/entertainment/bob-dylan-noble-prize-trnd/index.html And Dylan was not the first Musician To win the Prize !!
Looks like Bob maybe not be going to accept the award. He isn't answering the phone to the nobel prize people, and a reference to the award has been removed from his website. If he does reject it, he'll be joining Jean Paul Sartre who declined the prize back in 1964. http://www.bbc.co.uk/news/entertainment-arts-37740379
..says a member of the body who awarded Obama the Nobel peace prize Good on Dylan for turning his nose up at this, if indeed that is what he is doing.
Suzanne Vega likes Bob Dylan, and she has a new album out that's quite good and it's nice to hear from her again. She also still looks like a duck. https://www.theguardian.com/music/2016/oct/16/women-artists-on-bob-dylan-nobel-prize
Dylan breaks the silence. Apparently he was left "speechless", just like all literary greats are when they win the Nobel Prize. Maybe they could offer it to JK Rowling next year, that'll shut her up hopefully.
By the same logic, maybe that's why Obama starting blowing up children's legs in Pakistan after getting the Nobel Peace Price, It left him "peaceless"...